Turks hold a record $236bn in hard currencies
- The holdings stood at $235.34 billion the previous week.
- Continuing to buy hard currencies and gold as a hedge against inflation of nearly 15%.
ISTANBUL: Turkish locals' forex and precious metals holdings rose to a new record of $236.11 billion as of Jan. 22, according to central bank data on Thursday that reflected worries over double-digit inflation.
The holdings stood at $235.34 billion the previous week.
Data also showed foreign investors bought $33.4 million worth of Turkish government bonds in the week to Jan. 22, and sold $117.7 million worth of stocks.
President Tayyip Erdogan's pledge in November of economic reforms led foreigners to scoop up Turkish assets but locals have remained wary, continuing to buy hard currencies and gold as a hedge against inflation of nearly 15%.
Separately, data showed the central bank's gross forex reserves rose to $50.51 billion in the same period, from $47.90 billion a week earlier.
Comments
Comments are closed for this article.